- NZD/USD continues to struggle, after a two-day winning streak.
- The pair exhibits a pronounced bearish trend with a significant support level of around 0.5860 and resistance at 0.5980.
- The RSI remains below the midline, suggesting persistent bearish sentiment.
In recent trading sessions, the NZD/USD pair has seen a little recovery from its losses, but the general outlook continues to be bearish.
The daily Relative Strength Index (RSI) has stayed below the midline for the past 10 sessions while flattening around the 24-39 levels. This indicates that the pair might be heading towards oversold conditions, however, a significant bullish divergence has not been observed yet. This continuance below the 50-level threshold underscores the sustained bearish sentiment.
The Moving Average Convergence Divergence (MACD) remains below the signal line, further substantiating the ongoing bearish trend. The histogram highlights decreasing red bars, which might be pointing towards a diminishing bearish momentum. Nevertheless, a bullish crossover is still yet to be confirmed, sustaining the overall bearish outlook
NZD/USD daily chart
The NZD/USD pair's persistent bearish trend has kept it within a specified range with a solidified support level around 0.5860 and notable resistance at 0.5980. Future sessions may see the pair continue to struggle unless a significant bullish trigger emerges.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD tallied another losing day as US NFPs loom
The Australian Dollar continues to underperform against the US Dollar, which is making a strong recovery following the Federal Open Market Committee policy decision. Chinese economic woes and cooling rate hike bets on the Reserve Bank of Australia also pressure down the Aussie.
EUR/USD falls below key technical levels with US NFP in the barrel
EUR/USD lost a foothold above key technical levels on Thursday, slumping below the 1.0800 handle after a miss in US Purchasing Managers Index figures sparked fresh fears of worsening economic data signaling the possibility of a hard landing scenario in the US economy.
Gold price slumps amid buoyant US Dollar after soft ISM PMI
Gold price edges lower during the North American session after hitting a daily low and high of $2,430 and $2,462, respectively, amid a stronger US Dollar. The Greenback recovered after data showed that business activity in the manufacturing sector contracted, while US jobs data underscored the weak labor market.
Ethereum declines amid outflows and potential whale dump
Following the Federal Reserve's decision to keep rates steady at 5.25%- 5.50%, the crypto market has entered a downturn, with Ethereum taking a 6% hit. This also affected the flows seen in Ethereum ETFs.
US July Nonfarm Payrolls Preview: Analyzing Gold price reaction to NFP surprises Premium
Nonfarm Payrolls in the US are forecast to increase by 175,000 in July. Gold is likely to react stronger to a disappointing jobs report than an upbeat one. Gold price's inverse-correlation with NFP surprise weakens slightly by the fourth hour after the release.